Daily Analysis

14 May 2020                       Morning Session Analysis

Dollar swings up and down amid mixed Fed dovish statement.

Dollar index which gauges its value against a basket of six major currencies was traded up and down, having a mixed pattern as the statement from Federal Reserve sent mixed signal to the market. In the Fed speech, Federal Reserve chairman Jerome Powell revealed that the spread of Covid-19 has created devastating impact toward the US economy. Therefore, Powell re-emphasized that US central bank would take all possible measures to mitigate the negative effect of Coronavirus pandemic, avoiding long term crisis continue to suppress on the economy. As of the outbreak of virus has urged the US government to implement lockdown measure, hence Jerome Powell remarked that the unemployment rate will skyrocketed and remain in high level till the end of the virus-spreading. Nonetheless, Jerome Powell emphasized that his view with regards to negative interest rate remain unchanged, where negative interest will never be a choice for board of Fed to take in the meantime. Besides, bearish momentum was continued to ride on the US dollar following the release of downbeat economic data. According to the US Bureau of Labour Statistics, US PPI data dropped sharply to -1.3%, weaker than economist forecast at -0.5%, hinting the US economy had hammered tremendously by the virus. As of writing, dollar index rose 0.27% to 100.20.

In the commodities market, crude oil prices depreciates by 0.05% to $25.95 per barrel as OPEC monthly report showed that OPEC members slash the forecast of global oil demand in year 2020. In details, OPEC reduced the oil demand projection by 2.23 million barrels a day to a total amount of 9.07 million bpd this year. Despite, an unexpectedly drop in US oil inventories has successfully covered all the losses yesterday. According to EIA, US Crude Oil Inventories data came in at -0.745M, blowing the estimates at 4.147M. Besides, gold price inched up 0.02% to $1717.05 amid heightening of market risk-off sentiment.

Today’s Holiday Market Close

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Today’s Highlight Events

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23:15                     CAD                                        BoC Gov Poloz Speaks

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 99.75. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 100.85.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior rebound from the support level at 1.2215. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 1.2305.

Resistance level: 1.2305, 1.2370

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0830. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior breakout below the previous support level at 107.20. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its losses toward the support level at 106.25.

Resistance level: 107.20, 108.20

Support level: 106.25, 105.55

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6555. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6370.

Resistance level: 0.6555, 0.6705

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded lower following prior breakout below the previous support level at 0.5995. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.5945.

Resistance level: 0.5995, 0.6065

Support level: 0.5945, 0.5850

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.3980.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9710. MACD which illustrates bullish bias momentum with the formation of golden cross suggest the pair to extend its gains toward the resistance level at 0.9750.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 26.40. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 26.40.

Resistance level: 26.40, 28.75

Support level: 23.15, 20.10

GOLD_, H4: Gold price was traded higher following while currently testing the resistance level at 1718.20. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1718.20, 1726.05

Support level: 1709.45, 1695.15

13 May 2020                       Afternoon Session Analysis

Kiwi plummets amid RBNZ dovish statement.

The New Zealand Kiwi which traded against the dollar and other currency pairs have experience a huge sell-off and fell during late Asian session after a dovish note from Governor of RBNZ Adrian Orr. According to report, despite with the central bank kept the official cash rate unchanged at 0.25% on early Wednesday, it has expanded the bond purchase program from $30 billion to $60 billion. Besides that, the central bank also stated that negative rates could potentially become an option in the future which validating Westpac’s forecast for below-zero rates by November. RBNZ Governor Adrian Orr have said that the central bank would do whatever it takes to support the economy. Meanwhile, central bank policymaker Geoff Bascand also added that commercial banks have been asked to prepare for negative rates by the end of the year. With the RBNZ reinforcing the expectation of negative rates, the economic outlook for New Zealand remains uncertain, thus dragging the kiwi. At the time of writing, NZD/USD fell 1.05% to 0.6013.

In the commodities market, crude oil price remains resilient and edge higher 0.43% to $25.98 per barrel at the time of writing despite with a rise in inventory level. According to API, U.S. crude oil inventories for the week ending May 8 have rose by 7.58 million barrels, higher than market expectation of 5 million barrels. However, a surprise announcement from Saudi Arabia which stated that it will cut a further 1 million bpd in June on top of its cuts agreed to with OPEC+ in early April have help support the market. In the other hand, gold price rose 0.03% to $1703.10 a troy ounce amid greenback weakness.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the support level at 99.60. However, MACD which illustrated increasing bearish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 100.25, 100.85

Support level: 99.60, 98.75

GBPUSD, H1: GBPUSD was traded higher following prior rebound from the support level at 1.2245. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.2285.

Resistance level: 1.2285, 1.2335

Support level: 1.2245, 1.2195

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 1.0975.

Resistance level: 1.0975, 1.1080

Support level: 1.0780, 1.0655

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 107.05. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.75, 108.45

Support level: 107.05, 106.15

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6560. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6405.

Resistance level: 0.6560, 0.6685

Support level: 0.6405, 0.6230

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.6015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6135, 0.6255

Support level: 0.6015, 0.5905

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4015. However, MACD which illustrated diminishing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4155.

Resistance level: 1.4155, 1.4230

Support level: 1.4015, 1.3875

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9760. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9760, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was traded within a range while currently testing the resistance level at 26.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term.

Resistance level: 26.15, 29.95

Support level: 22.80, 19.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1706.95. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1706.95, 1720.70

Support level: 1693.90, 1683.45

13 May 2020                       Morning Session Analysis

Weak data dragged down the appeal of dollar index.

Dollar index which gauges it value against a basket of six major currencies plunged following the release of bleak economic data yesterday. According to the US Bureau of Labor Statistics, Core CPI data was came in at a disappointing rate at -0.4%, blowing the economists forecast at -0.2%, recording the deepest slump since Dec 2008 amid outbreak of Covid-19. As a measurement toward inflation pressure, Core CPI data shows that US underlying inflation pressure turned weaker and sour, prompting the potential and actual inflation gap wider. Besides, the number of confirmed cases in US since the beginning of Covid-19 has risen near to 1.4 million while the death toll broke the barrier of 80,000, leading all the other countries which are also being infected by Coronavirus. Despite, US senior official still urges to reopen the economy as soon as possible in order to support the economy. If a second wave of virus outburst, it would quash the hopes of swift recovery and may even send the economy into recession again. As of writing, dollar index notched down 0.23% to 100.01.

In the commodities market, crude oil prices appreciates by 0.02% to $25.80 per barrel as few major oil exporting countries included Saudi Arabia, Kuwait and UAE decided to increase their oil cut production by 1.2 million in the month of June. Besides, gold price inched up 0.05% to $1704.05 a troy ounce amid weakening of dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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11:00                     NZD                        RBNZ Press Conference

Today’s Highlight Economic Data

Technical Analysis 

DOLLAR_INDX, Daily: Dollar index was traded lower following prior retracement from the higher level. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 100.85.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2305. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.2215.

Resistance level: 1.2305, 1.2370

Support level: 1.2215, 1.2115

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the next resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior retracement from the 50 moving average line (Blue). However, MACD which illustrate bullish bias momentum signal suggest the pair to undergo technical correction toward the resistance level at 108.20.

Resistance level: 108.20, 109.40

Support level: 107.20, 106.25

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the higher level. MACD which illustrates bearish momentum signal suggest the pair to extend its losses toward the support level at 0.6370.

Resistance level: 0.6705, 0.7005

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level.  MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 0.6065.

Resistance level: 0.6150, 0.6205

Support level: 0.6065, 0.5995

USDCAD, H4: USDCAD was traded higher following prior rebound near the support level at 1.3980. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4120.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum suggest the pair to undergo technical correction toward the resistance level at 0.9710.

Resistance level: 0.9710, 0.9750

Support level: 0.9660, 0.9585

CrudeOIL, H4: Crude oil price was traded lower following prior retracement near the resistance level at 26.40. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 23.15.

Resistance level: 26.40, 28.75

Support level: 23.15, 20.10

GOLD_, H4: Gold price was traded higher following prior rebound from the support level at 1695.15. MACD which illustrate diminishing bearish momentum signal suggest the commodity to extend its gains toward the resistance level at 1709.45.

Resistance level: 1709.45, 1718.20

Support level: 1695.15, 1683.50

12 May 2020                       Afternoon Session Analysis

Dollar surge amid fears of ‘second wave’.

The dollar index which traded against a basket of six major currency pairs have reach two-week peak and soared during late Asian session as growing fears of ‘second wave’ of coronavirus driven up the bid for safe-haven. According to reports, South Korea have emerged a new cluster of coronaviruses in its country’s capital city Seoul, which already sparks fear of a second wave of infection right after the government just ease its restriction recently. Other country such as France and Germany have also witnessed its infection cases uptick as lockdown eased. These examples have also causing fear in the U.S where the world biggest economy also plans to re-open its economies, thus sparking aggressive bid towards the greenback as safe-haven. On top of that, the greenback was buoyed by a rising U.S. yield curve following Federal Reserve officials talked down the prospect of negative rates. At the time of writing, dollar index rose 0.06% to 100.28.

In the commodities market, crude oil price remains resilient and edge higher 0.04% to $25.27 per barrel as of writing. An unexpected further production cut up to 1 million barrels per day from Saudi Arabia have help support the price for the commodity. However, sentiment was mixed due to increasing fears of second wave coronavirus. Investors will now look for further confirmation to determine the direction for the commodity. In the other hand, gold price slipped 0.06% to $1700.43 a troy ounce at the time of writing following the strengthening of dollar and its characteristic as a safe-haven currency exceeds the yellow commodity.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher following prior rebound from the MA lines. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the dollar to extend its gains towards the resistance level 100.95.

Resistance level: 100.95, 103.75

Support level: 98.85, 96.55

GBPUSD, H4: GBPUSD was traded lower while currently testing near the support level 1.2245. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses after it breaks below the support level.

Resistance level: 1.2435, 1.2630

Support level: 1.2245, 1.1975

EURUSD, H4: EURUSD was traded lower following prior retracement from the MA lines. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its retracement towards the support level 1.0745.

Resistance level: 1.0885, 1.0995

Support level: 1.0745, 1.0615

USDJPY, H4: USDJPY was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its retracement towards the support level 107.05.

Resistance level: 107.95, 109.20

Support level: 107.05, 105.90

AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level 0.6560. MACD which illustrate bearish bias signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6390.

Resistance level: 0.6560, 0.6685

Support level: 0.6390, 0.6265

NZDUSD, H4: NZDUSD was traded higher following recent retracement from the resistance level 0.6140. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.6005.

Resistance level: 0.6140, 0.6250

Support level: 0.6005, 0.5910

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level 1.4025. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to extend its gains towards the resistance level 1.4235.

Resistance level: 1.4235, 1.4465

Support level: 1.4025, 1.3845

USDCHF, H4: USDCHF was traded higher following prior rebound from the support level 0.9695. MACD which illustrate diminishing bearish momentum signal with the starting formation of death cross suggest the pair to extend its gains towards the resistance level 0.9790.

Resistance level: 0.9790, 0.9890

Support level: 0.9695, 0.9595

CrudeOIL, H4: Crude oil price was traded flat near the MA line. However, MACD which illustrate bearish momentum signal suggest the commodity to be traded lower in short term towards the support level 21.35.

Resistance level: 28.00, 35.20

Support level: 21.35, 15.00

GOLD_, H4: Gold price remain traded in a sideway channel. However, MACD which illustrate diminishing bearish momentum signal suggest the commodity to be traded higher towards the resistance level 1717.55.

Resistance level: 1717.55, 1800.35

Support level: 1672.85, 1607.55

12 May 2020                       Morning Session Analysis

US Dollar surged amid risk-off sentiment.

Dollar index which gauge its value against a basket of six major currencies surged as high U.S. Treasury yield and risk-off sentiment had spurred demand for the safe-haven US Dollar. As for now, investors cautiously managed their portfolio with an eye on warnings of a second wave of coronavirus infections as more countries had started to reopen their economy activities. According to Reuters, a new coronavirus infection cases were increasing exponentially from the Germany region while the South Korean infections had also rebounded to a one-month high after early steps to ease its lockdown. Nonetheless, investors at this time would scrutinize the latest updates with regards of Federal Reserve Chair Jerome Powell’s speech on Wednesday and also the development of the coronavirus in order to receive further trading signal. On the other hand, the China proxy currency such as Australian Dollar slumped yesterday amid hope upon resolution of trade war had diminish following the U.S. President Donald Trump says the United States would not reopen the trade talks with China with relax terms, which spurring significant selloff for the riskier asset. As of writing, dollar index appreciated by 0.50% to 100.22 while AUD/USD slumped 0.07% to 0.6483.

In the commodities market, the crude oil price surged 0.63% to $25.63 per barrel as of writing. The oil market edged higher following the United Arab Emirates and Saudi Arabia claimed that they will cut even more oil production in June, reported by Al Mazrouei. Nonetheless, the future prospect for the crude oil is remained vague amid the fear of the coronavirus. On the other hand, the gold price slumped 0.02% to $1696.70 per troy ounces amid strengthening US Dollar.

Today’s Holiday Market Close

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Today’s Highlight Events

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Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the support level at 99.60. MACD which illustrated increasing bullish momentum suggest the index to extend its gains toward resistance level at 100.80.

Resistance level: 100.80, 102.00

Support level: 99.60, 98.75

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2285. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.2335, 1.2385

Support level: 1.2285, 1.2225

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.0780. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 1.0975, 1.1080

Support level: 1.0780, 1.0655

USDJPY, H1: USDJPY was traded lower following prior retracement from the resistance level at 107.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 107.10.

Resistance level: 107.75, 108.40

Support level: 107.10, 106.15

AUDUSD, Daily: AUDUSD was traded lower while currently near the support level at 0.6405. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6560, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6135. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.6005.

Resistance level: 0.6135, 0.6255

Support level: 0.6005, 0.5905

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4015. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.4155.

Resistance level: 1.4155, 1.4230

Support level: 1.4015, 1.3875

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9760. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9760, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H1: Crude oil price was traded within a range while currently near the resistance level at 26.15. However, MACD which illustrated increasing bearish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 26.15, 29.95

Support level: 22.80, 19.30

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1693.90. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1706.95, 1720.70

Support level: 1693.90, 1683.45

11 May 2020                       Afternoon Session Analysis

Pound surged amid easing lockdown restriction.

The Pound Sterling which traded against the dollar and other currency pair have surged during late Asian session following the UK Prime Minister Boris Johnson announced the easing of lockdown restrictions for British nationals, which dialled up the market optimism toward the economic recovery from the UK. According to Reuters, the first movement will be for those who cannot work from home and so can join from Monday while the rest may start their work on Wednesday. Despite that, the UK government had faced major criticism over its handling of the coronavirus pandemic amid the death tolls of the coronavirus from the UK region had topped up to 39,000 people, the second highest in the world, behind the United States. Besides, the Pound Sterling received further bullish momentum amid positive prospect for the US-Sino trade war, which stoked a shift in sentiment toward riskier asset such as Pound Sterling. According to CNBC, China’s Commerce Ministry said that United States and China had agreed to improve the atmosphere for implementation of the Phase 1 deal. Nonetheless, at this time, investors may now scrutinize the week-long Brexit negotiations between the UK and European Union (EU) which will be starting today as well as the coronavirus development in order to received further trading signal. As of writing, GBP/USD appreciated by 0.18% to 1.2428.

In the commodities market, the crude oil price rose 0.31% to $25.50 per barrel as of writing. The oil market surged following the hope upon the escalating production cuts around the world would able to reduce the supply glut of the black commodity. On the other hand, the gold price depreciated on last Friday following the better-than-expected jobs data from the United States were released, which diminish the demand for the safe-haven commodity. However, as of writing, the gold price surged 0.38% to $1709.81 per troy ounces due to technical correction.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded lower while currently testing the support level at 99.65. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 100.20, 100.65

Support level: 99.65, 98.90

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2425. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2425, 1.2470

Support level: 1.2380, 1.2315

EURUSD, Daily: EURUSD was traded higher following prior rebound from the support level at 1.0790. However, MACD which illustrated increasing bearish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 1.0975, 1.1080

Support level: 1.0790, 1.0655

USDJPY, H4: USDJPY was traded higher while currently near the resistance level at 107.10. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 107.10, 107.95

Support level: 106.15, 105.35

AUDUSD, H4: AUDUSD was traded higher while currently testing the resistance level at 0.6560. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.6560, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6145. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6145, 0.6175

Support level: 0.6120, 0.6075

USDCAD, H4: USDCAD was traded lower while currently near the support level at 1.3875. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4015, 1.4155

Support level: 1.3875, 1.3765

USDCHF, Daily: USDCHF was traded lower following prior retracement from the resistance level at 0.9760. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.9760, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H1: Crude oil price was traded higher while currently testing the resistance level at 26.15. However, MACD which illustrated diminishing bullish momentum suggest the commodity to be traded lower in short-term as technical correction.

Resistance level: 26.15, 29.95

Support level: 22.80, 19.30

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1709.55. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 1696.60.

Resistance level: 1709.55, 1733.25

Support level: 1696.60, 1673.75

11 May 2020                       Morning Session Analysis

Dollar seesawed following pessimistic job data released.

Dollar index which gauge its value against a basket of six major currencies was traded up and down following the job data shows that US labour market was remain vulnerable and weak. According to the Bureau of Labour Statistics, US Nonfarm Payroll data was came in at -20,500K, slightly better than the economist forecast of -22,000K, but recording the historical worst slump amid the profound damage of virus’s pandemic. Besides, lockdown implementation has also caused the entire economy activity halted and eventually sending the US unemployment rate for the month of April to 14.7%, blowing the economist forecast of 16.0%. Since the terrible virus started to attack and spread widely across the countries, it has sent the global economy into freezing state as countries was being forced to implement country’s lockdown measure to combat the virus. Among all the countries that being infected by the virus, US is still the country that recorded highest coronavirus cases and death toll, the nation economy undoubtedly is still struggle within the fallout of virus, unlikely to snuggle up from economy downturn within short time frame. As of writing, dollar index notched up 0.09% to 99.85.

In the commodities market, crude oil prices up 0.02% to $25.90 per barrel as market confidence was boosted up following more countries gradually reopen their economy, lifting up the prospect of this black commodity market. Besides, market participant also believes that oil production cut from OPEC and its allies may effectively solve the supply glut condition. Besides, gold price quoted down 0.02% to $1703.30 amid strengthening of US dollar.

Today’s Holiday Market Close

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Today’s Highlight Economic Data

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Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.75. However, MACD which illustrate diminishing bearish momentum suggest the pair to undergo technical rebound in short term.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior retracement from the resistance level at 1.2435. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.2370.

Resistance level: 1.2435, 1.2520

Support level: 1.2370, 1.2305

EURUSD, Daily: EURUSD was traded lower below the resistance level at 1.0830. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into the market.

Resistance level: 1.0830, 1.0940

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded higher following prior rebound from the support level at 106.25. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains toward the resistance level at 107.20.

Resistance level: 107.20, 108.20

Support level: 106.25, 104.50

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6370. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6705.

Resistance level: 0.6705, 0.7005

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6150. MACD which illustrates diminishing bullish momentum suggest the pair to extend its losses toward the support level at 0.6065.

Resistance level: 0.6150, 0.6205

Support level: 0.6065, 0.5995

USDCAD, H4: USDCAD was traded higher following prior rebound from the lower level. MACD which illustrates diminishing bearish momentum suggest the pair to extend its rebound toward the resistance level at 1.3980.

Resistance level: 1.3980, 1.4120

Support level: 1.3855, 1.3670

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9710. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.9750.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded higher while currently testing near the resistance level at 26.40. MACD which illustrate diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 26.40.

Resistance level: 26.40, 28.75

Support level: 23.15, 18.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1699.75. MACD which illustrate diminishing bullish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1711.25, 1718.20

Support level: 1699.75, 1683.50

08 May 2020                       Afternoon Session Analysis

Dollar slips on negative rate prospect.

The dollar index which traded against its basket of six major currency pairs have fell as investors expecting a broader sense of doom ahead U.S employment data. Recently, initial unemployment claims which released on Thursday showed 3.169 million initial unemployment claims for the week ended May 2, higher than market expectation of 3 million, and bringing total claims since late March to 33.5 million, or about one in every five workers. The upcoming Non-Farm Payroll is also expected to show a disappointing figure later in the day. On top of that, the greenback was also pressured by U.S. short-term bond yields hit record low where markets starting to price in negative U.S. interest rates for the first time. Despite Fed officials stated that they do not see negative rates as appropriate, some investors see a much worse downturn that could force the Fed to become more experimental with its crisis response. At the time of writing, dollar index slips 0.19% to 99.69.

In the commodities market, crude oil price rose 1.88% to $23.87 per barrel at the time of writing amid Saudi Arabia raise its price. According to Reuters, the state oil giant of Saudi Arabia, Aramco have raised its official selling price by $1.40 per barrel. In the other hand, gold price edge 0.06% to $1715.61 a troy ounce as of writing amid weakening dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.75. MACD which illustrate bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.2370. MACD which illustrates diminishing bearish momentum suggest the pair to extend gains toward the resistance level at 1.2435.

Resistance level: 1.2435, 1.2520

Support level: 1.2370, 1.2305

EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.0830. MACD which illustrate bullish momentum signal suggest the pair to extend its gains toward the resistance level at 1.0940.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 106.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.20, 108.20

Support level: 106.25, 104.50

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6370. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 0.6705.

Resistance level: 0.6705, 0.7005

Support level: 0.6370, 0.6180

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6120. MACD which illustrates bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6120, 0.6205

Support level: 0.6065, 0.5995

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.3980. MACD which illustrates bearish bias momentum suggest the pair to extend its losses toward the support level at 1.3855.

Resistance level: 1.3980, 1.4120

Support level: 1.3855, 1.3670

USDCHF, H4: USDCHF was traded lower while currently testing the support level at 0.9710. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the 20 moving average line (Red). However, MACD which illustrate bearish bias momentum suggest the commodity to undergo technical correction toward the lower level.

Resistance level: 26.40, 28.75

Support level: 21.80, 18.05

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1718.20. MACD which illustrate bullish bias momentum signal suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1718.20, 1726.05

Support level: 1711.25, 1699.75

8 May 2020                          Morning Session Analysis

Pound dipped amid uncertainty of the coronavirus.

Pound Sterling slumped on yesterday amid the uncertainty over how Britain will ease its coronavirus lockdown and Brexit-related risks had outweighed the hawkish statement from the Bank of England. According to Reuters, the Bank of England maintained its interest rates at its all-time low of 0.1% while claiming that they were ready to take further action to combat the coronavirus pandemic’s fallout. On the coronavirus pandemic front, the UK government is expected to announce possible changes to social restrictions on Sunday. However, a spokesman claimed that the UK Prime Minister Boris Johnson would only announce a limited easing restriction measure, which dialled down market optimism toward the economic progression in the UK while sapping the demand for the Pound Sterling. As for now, many economists predicted that the UK would suffer the biggest economic recession in over 300 years in 2020, with a 14% contraction in GDP growth. Nonetheless, at this time investors would continue to scrutinize the latest development with regards of coronavirus pandemic as well as crucial economic data from the UK region in order to gauge the likelihood movement for the pair. As of writing, GBP/USD surged 0.06% to 1.2367.

In the commodities market, the crude oil price surged 1.10% to $23.85 per barrel as of writing. The oil market edged higher following the data on Thursday showing that the China crude imports had surged to 10.42 million barrels a day in April from 9.68 million barrels in March. Besides, as the world starts to ease coronavirus restriction, it could be spurring further positive prospect for the market demand on this black commodity. On the other hand, the gold market appreciated by 0.05% to $1716.95 per troy ounces amid weakening US Dollar.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded lower while currently testing the support level at 99.75. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 100.65, 101.60

Support level: 99.75, 98.70

GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2375. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.2375, 1.2425

Support level: 1.2315, 1.2245

EURUSD, H4: EURUSD was traded higher while currently testing the resistance level at 1.0840. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.0840, 1.0875

Support level: 1.0780, 1.0735

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.15. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.10, 107.95

Support level: 106.15, 105.35

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6540.

Resistance level: 0.6540, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6070. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6130.

Resistance level: 0.6130, 0.6205

Support level: 0.6070, 0.6000

USDCAD, H4: USDCAD was traded lower following prior breakout below the previous support level at 1.4015. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.3875.

Resistance level: 1.4015, 1.4155

Support level: 1.3875, 1.3765

USDCHF, H4: USDCHF was traded lower following prior retracement from the resistance level at 0.9780. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9585.

Resistance level: 0.9780, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 25.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 20.40.

Resistance level: 25.90, 29.95

Support level: 20.40, 15.10

GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1714.30. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1714.30, 1733.25

Support level: 1689.95, 1673.75

07 May 2020                       Afternoon Session Analysis

Euro remains weak as ECB court ruling weigh.

The euro which traded against the greenback and other currency pairs have fell during late Asian session after a surprise ruling by German court have challenge the ECB’s ability to manage the economic recovery in the region. Recently, ECB have prepared and left its door open to increasing stimulus. However, the plan is now facing scepticism after Germany’s constitutional court recently ruled that the ECB must justify the necessity of its bond-buying program, despite Europe’s top court has ruled in favor of it. The argument about the legality of bond buying have create unnecessary unease, thus pressuring further the euro to the downside. Market will now shift their attention towards the ECB whether that it is able to resist the pressure from the German court in order to determine the future direction for the currency. At the time of writing, EUR/USD fell 0.03% to 1.0799.

In the commodities market, crude oil price remains stable and edge higher 0.55% to $23.90 per barrel as of writing following recovery of demand outlook. Following easing coronavirus lockdowns in some states, fuel demand is picking up, with parts of Florida reporting gasoline consumption is down just 25-30%, from 50% previously. Besides that, Refiner Delek U.S. Holdings Inc. also stated that it saw its demand improve in rural areas of Texas and Arkansas. On the other hand, gold price fell 0.09% to $1689.30 a troy ounce at the time of writing following dollar strength and increasing market risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     GBP                                        BoE Inflation Report

19:00                     GBP                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.85. MACD which illustrated diminishing bearish momentum suggest the index to extend its gains toward resistance level at 100.65.

Resistance level: 100.65, 101.55

Support level: 99.85, 98.70

GBPUSD, H1: GBPUSD was traded lower while currently testing the support level at 1.2315. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2370, 1.2425

Support level: 1.2315, 1.2245

EURUSD, H4: EURUSD was traded lower while currently near the support level at 1.0780. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0825, 1.0875

Support level: 1.0780, 1.0740

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.05. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 107.10, 107.85

Support level: 106.05, 104.75

AUDUSD, Daily: AUDUSD was traded lower while currently testing the support level at 0.6405. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6540, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H1: NZDUSD was traded higher following prior rebound from the support level at 0.6000. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6070.

Resistance level: 0.6070, 0.6130

Support level: 0.6000, 0.5940

USDCAD, H1: USDCAD was traded lower following prior retracement from the resistance level at 1.4155. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.4015.

Resistance level: 1.4155, 1.4230

Support level: 1.4015, 1.3875

USDCHF, H4: USDCHF was traded higher while currently near the resistance level at 0.9780. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.

Resistance level: 0.9780, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 25.90. MACD which illustrated increasing bearish momentum suggest the commodity to extend its losses toward support level at 20.40.

Resistance level: 25.90, 29.95

Support level: 20.40, 15.10

GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level at 1696.75. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1696.75, 1712.25

Support level: 1673.75, 1644.05

7 May 2020                          Morning Session Analysis

Dollar wobbles amid weakening of job data.

Dollar index which gauge its value against a basket of six major currencies plunged as the latest labour sector data weakened amid novel of coronavirus. According to ADP, the private payroll slumped by more than 20 million jobs in April as companies laid off most of their employees during the period of shutdown. Although the job losses of this scale is the biggest drop in history, however it is still understates the actual damage of the pandemic as the virus-spreading turn sourer and even worse throughout the month of April. In details, the virus has rippled the entire economy, not even single sector was able to survive from the fallout of Covid-19, especially the services and hospitality were the sectors that hit hardest by virus. As of writing, dollar index notched down 0.05% to 100.15. On the other hand, the pair of GBP/USD quoted down 0.09% to 1.2330 after UK Construction PMI showed a significant drop from 39.3 to 8.2, showing that the construction sector halted all the activity during the shutdown of country.

In the commodities market, crude oil price depreciates 1.78% to $23.70 per barrel as oversupply concern continues to weigh on this black commodity market. However, the loss of oil was limited after a report shows lower than expected rise in oil inventory. According to EIA, US crude oil inventories rose by 4.590M, lower than the economist’ forecast of 7.759M. Besides, gold price notched down 0.03% to $1684.50 a troy ounce due to heightening of market risk appetite.

Today’s Holiday Market Close

Time                       Market                  Event

N/A

Today’s Highlight Events

Time                       Market                  Event

19:00                     GBP                                        BoE Inflation Report

19:00                     GBP                        BoE MPC Meeting Minutes

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior breakout above the previous resistance level at 99.75. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the next resistance level at 100.85.

Resistance level: 100.85, 102.90

Support level: 99.75, 98.30

GBPUSD, H4: GBPUSD was traded lower following prior breakout below the previous support level at 1.2370. MACD which illustrates bearish bias momentum signal suggest the pair to extend its losses toward the support level at 1.2305.

Resistance level: 1.2370, 1.2435

Support level: 1.2305, 1.2215

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0830. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0765.

Resistance level: 1.0830, 1.0940

Support level: 1.0765, 1.0655

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 106.25. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.20, 108.20

Support level: 106.25, 104.50

AUDUSD, Daily: AUDUSD was traded lower following prior retracement from the resistance level at 0.6460. MACD which illustrates bearish momentum with the formation of death cross suggest the pair to extend its losses toward the support level at 0.6180.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded lower while currently testing the support level at 0.5995. MACD which illustrates bearish bias momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6065, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded higher following prior breakout above the previous resistance level at 1.4120. MACD which illustrates bullish bias momentum suggest the pair to extend its gains toward the resistance level at 1.4240.

Resistance level: 1.4240, 1.4390

Support level: 1.4120, 1.3980

USDCHF, Daily: USDCHF was traded higher while currently testing the resistance level at 0.9750. MACD which illustrates diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level at 25.90. MACD which illustrate bearish bias momentum suggest the commodity to extend its losses toward the support level at 21.80.

Resistance level: 25.90, 28.75

Support level: 21.80, 18.05

GOLD_, H4: Gold price was traded lower while currently testing the support level at 1683.50. MACD which illustrate bearish momentum signal suggest the commodity to extend its losses after it successfully breakout below the support level.

Resistance level: 1699.75, 1711.25

Support level: 1683.50, 1666.25

06 May 2020                       Afternoon Session Analysis

Pound sterling weakened amid Brexit uncertainty.

The pound sterling which traded against the dollar and other currency pairs remains weak and edge lower during late Asian session following signs of little progress on trade talk between U.K and E.U. According to recent reports, Ireland’s Foreign Minister Simon Coveney have expressed his concerns that the U.K. and EU are likely headed for a collision on Brexit talks unless significant progress is made on negotiations. As U.K have been persistent that it will not seek negotiation extension beyond the transition period, concern regarding U.K leaving the EU without any potential trade deal continue to increase which could heighten the economic hardships for the U.K. Thus, the uncertainty continues to weigh on the pound sterling. Investors will continue to focus on the development where both countries still have until the end of June to agree on extend trade talks beyond the end of the year. At the time of writing, GBP/USD slips 0.04% to 1.2429.

In the commodities market, crude oil price gave up some of its gains and retreats 1.68% to $24.43 per barrel as of writing following oversupply worries persist. Market back to cautious mode as investors were warned that global storage could be filled in weeks with the road to recovery long and uncertain. On the other hand, gold price slips 0.21% to $1702.41 a troy ounce at the time of writing following dollar strength.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Constitution Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H4: Dollar index was traded higher while currently testing the resistance level at 99.85. However, MACD which illustrated diminishing bullish momentum suggest the index to be traded lower in short-term as technical correction.

Resistance level: 99.85, 100.65

Support level: 98.70, 97.75

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2420. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.2640, 1.2815

Support level: 1.2420, 1.2220

EURUSD, H4: EURUSD was traded lower while currently testing the support level at 1.0830. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.0875, 1.0925

Support level: 1.0830, 1.0770

USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.30. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 107.40, 108.45

Support level: 106.30, 105.55

AUDUSD, H4: AUDUSD was traded within a range while currently testing the support level at 0.6405. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support level.

Resistance level: 0.6540, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6070. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 0.6070, 0.6130

Support level: 0.6000, 0.5940

USDCAD, H1: USDCAD was traded within a range while currently near the support level at 1.4015. However, MACD which illustrated increasing bullish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 1.4155, 1.4230

Support level: 1.4015, 1.3875

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9780. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9780

Resistance level: 0.9780, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 26.10. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.

Resistance level: 26.10, 33.75

Support level: 17.20, 9.95

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1712.25. MACD which illustrated diminishing bullish momentum suggest the commodity to extend its losses toward support level at 1696.75.

Resistance level: 1712.25, 1733.25

Support level: 1696.75, 1673.75

6 May 2020                          Morning Session Analysis

Euro fall amid German court ruling lifted uncertainty.

In FX market, the euro weakened against other major currencies after Germany high court ruled that ECB mass bond purchasing program has violated the German Constitution, fuelling up the uncertainty in euro market. In details, Germany high court revealed that the Public Sector Purchase Programme (PSPP) which launched in year 2015 has against the Germany Constitution as the purchases were disproportionate, violating the EU ban on one Eurozone member subsidizing the debts of another. However, the court decision does not apply on to the ECB latest bond purchasing program which aimed to fight against the pandemic of Covid-19, hence the ruling does not create ripple on the financial market. As of writing, the pair of EUR/USD down 0.01% to 1.0835. On the other hand, the single currency of pound was traded lower after UK shows the deepest downturn in economy growth, igniting investors to sell off the holding of pound sterling. According to the Markit Economics, UK Composite PMI came in at 13.8, lower than the economist forecast at 36.0, recording the worst slump in economy contraction. Besides, UK Services PMI also dropped from 34.5 to 13.4, indicating the weakness of UK economy during the pandemic. During Asian early trading session, the pair of GBP/USD slightly rebound 0.10% to 1.2445.

In the commodities market, crude oil price appreciates by 0.55% to $25.50 per barrel as more countries would begin to ease their lockdown restrictions, lifting up the appeal of this black commodity market. Besides, gold price notched down 0.05% to $1705.20 a troy ounce amid dollar’s strengthen.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Constitution Day

Today’s Highlight Events

Time                       Market                  Event

N/A

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher while currently testing the resistance level at 99.75. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 99.75, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded lower while currently testing the support level at 1.2435. However, MACD which illustrates diminishing bearish momentum signal suggest the pair to be traded higher in short term.

Resistance level: 1.2520, 1.2620

Support level: 1.2435, 1.2370

EURUSD, Daily: EURUSD was traded lower while currently testing the support level at 1.0830. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses after it successfully breakout below the support.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 107.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.

Resistance level: 107.20, 108.20

Support level: 106.25, 104.50

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.6065. Due to lack of signal from MACD, it is suggested to wait for further confirmation before entering into market.

Resistance level: 0.6065, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrate bearish bias momentum suggests the pair to extend its losses toward the support level at 1.3980.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded higher following prior breakout above the previous resistance level at 0.9710. MACD which illustrate bullish bias momentum suggest the pair to extend its gains toward the resistance level at 0.9750.

Resistance level: 0.9750, 0.9795

Support level: 0.9710, 0.9660

CrudeOIL, H4: Crude oil price was traded higher while currently testing the resistance level at 25.90. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level at 25.90.

Resistance level: 25.90, 28.75

Support level: 21.80, 18.05

GOLD_, H1: Gold price was traded lower following prior retracement from the resistance level at 1711.25. MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower toward the support level at 1699.75.

Resistance level: 1711.25, 1718.20

Support level: 1699.75, 1683.50

05 May 2020                       Afternoon Session Analysis

Dollar rose following worries of US-Sino trade war.

The dollar index which traded against a basket of six major currency pairs have caught bid during late Asian session following concerns over U.S.-China dispute will be re-ignited due to the coronavirus. Recently, U.S. President Donald Trump and Secretary of State Mike Pompeo have blamed the pandemic on China, where they believed that is the place where the coronavirus outbreak is originated. Following latest development, Secretary of State Mike Pompeo also claims that there was “a significant amount of evidence” that the virus emerged from a laboratory in the central Chinese city of Wuhan. Despite Mike Pompeo did not provide any evidence, the comments have dragged down risk sentiment in the market. As tensions began to flare, market have been dominated by risk-averse trading where safe-haven market such as greenback and yen attract bid from investors. In the time of writing, dollar index rose 0.04% to 99.45.

In the commodities market, crude oil price surge 0.80% to $21.83 per barrel as of writing amid improving demand prospect. As some U.S. states and nations in Europe and Asia start to ease coronavirus lockdown measures, the outlook for fuel demand have rose, thus boosting the sentiment for the commodity for the moment. In the other hand, gold price remains stable and rose 0.05% to $1700.72 a troy ounce at the time of writing following ongoing fears of trade war and coronavirus.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Special Holiday

All Day                   CNY                                        Labor Day

Today’s Highlight Events

Time                       Market                  Event

Tentative                              EUR                                        EU Economic Forecasts

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, H1: Dollar index was traded within a range while currently testing the resistance level at 99.55. MACD which illustrated increasing bearish momentum suggest the index to be traded higher after it successfully breakout above the resistance level.

Resistance level: 99.55, 100.15

Support level: 98.85, 98.35

GBPUSD, Daily: GBPUSD was traded lower following prior retracement from the resistance level at 1.2575. MACD which illustrated diminishing bullish momentum suggest the pair to extend its losses toward support level at 1.2295.

Resistance level: 1.2575, 1.2770

Support level: 1.2295, 1.2045

EURUSD, H4: EURUSD was traded lower following prior breakout below the previous support level at 1.0925. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 1.0875.

Resistance level: 1.0925, 1.0960

Support level: 1.0875, 1.0830

USDJPY, Daily: USDJPY was traded lower while currently testing the support level at 106.50. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.

Resistance level: 109.00, 110.20

Support level: 106.50, 105.00

AUDUSD, H4: AUDUSD was traded higher following prior rebound from the support level at 0.6405. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.6540.

Resistance level: 0.6540, 0.6680

Support level: 0.6405, 0.6235

NZDUSD, H1: NZDUSD was traded higher while currently testing the resistance level at 0.6070. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6070, 0.6130

Support level: 0.6000, 0.5940

USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level at 1.4155. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 1.4155, 1.4485

Support level: 1.3850, 1.3655

USDCHF, Daily: USDCHF was traded higher following prior rebound from the support level at 0.9585. MACD which illustrated diminishing bearish momentum suggest the pair to extend its gains toward resistance level at 0.9780.

Resistance level: 0.9780, 0.9880

Support level: 0.9585, 0.9495

CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level at 20.65. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains toward resistance level at 24.30.

Resistance level: 24.30, 28.50

Support level: 20.65, 17.70

GOLD_, H1: Gold price was traded lower while currently testing the support level at 1697.40. However, MACD which illustrated diminishing bearish momentum suggest the commodity to be traded higher in short-term as technical correction.

Resistance level: 1710.00, 1718.50

Support level: 1697.40, 1684.70

5 May 2020                          Morning Session Analysis

Euro sinks amid economy hit hard by pandemic.

Among all the major currencies market, euro currency was traded lower following the release of downbeat economic data from Europe region. According to the Markit Economics, Germany Manufacturing PMI was came in at 34.5, slightly higher than the economist forecast of 34.4 while lower than the previous month reading of 45.4. The credential drop in Germany output was mainly due to large number of manufacturers either temporarily closed down their factories or shorten the working hour to abide the rules of economy’s shutdown, as an effort to combat the negative effect of Covid-19. Since the outbreak of coronavirus, the pandemic has sent the global economy into recession, particularly the worst-hit countries like Italy, France and Germany. As of now, market participants are still having pessimistic view toward the future outlook of EU’s economy growth despite more manufacturers start get back to steam as fast-spreading pandemic are still acting as a big stumbling block which putting the global demand into the doubt. During Asian early trading session, the pair of EUR/USD dropped 0.02% to 1.0905.

In the commodities market, crude oil price depreciates 0.02% to $21.10 per barrel as market worries over supply glut persists while heightening of tensions between US and China tempered the black commodity market outlook. Besides, gold price up 0.03% to $1702.00 a troy ounce amid market concerned over crisis of Covid-19.

Today’s Holiday Market Close

Time                       Market                  Event

All Day                   JPY                                          Special Holiday

All Day                   CNY                                        Labor Day

Today’s Highlight Events

Time                       Market                  Event

12:30                     AUD                                       RBA Rate Statement

Tentative                              EUR                                        EU Economic Forecasts

Today’s Highlight Economic Data

Technical Analysis

DOLLAR_INDX, Daily: Dollar index was traded higher following prior rebound from the lower level. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains toward the resistance level at 99.75.

Resistance level: 99.75, 100.85

Support level: 98.30, 97.60

GBPUSD, H4: GBPUSD was traded higher following prior rebound near the support level at 1.2435. MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher toward the resistance level at 1.2520.

Resistance level: 1.2520, 1.2620

Support level: 1.2435, 1.2370

EURUSD, Daily: EURUSD was traded lower following prior breakout below the previous support level at 1.0940. MACD which illustrate diminishing bullish momentum suggest the pair to extend its losses toward the support level at 1.0830.

Resistance level: 1.0940, 1.1025

Support level: 1.0830, 1.0765

USDJPY, Daily: USDJPY was traded lower following prior retracement from the resistance level at 107.20. MACD which illustrate bearish bias momentum signal suggest the pair to extend its losses toward the support level at 106.25.

Resistance level: 107.20, 108.20

Support level: 106.25, 104.50

AUDUSD, Daily: AUDUSD was traded higher following prior rebound from the 20 moving average line (Red). However, MACD which illustrate diminishing bullish momentum with the formation of death cross suggest the pair to undergo technical correction in short term.

Resistance level: 0.6460, 0.6705

Support level: 0.6180, 0.5975

NZDUSD, H4: NZDUSD was traded higher while currently testing the resistance level at 0.6055. MACD which illustrate diminishing bearish momentum suggest the pair to extend its gains after it successfully breakout above the resistance level.

Resistance level: 0.6055, 0.6120

Support level: 0.5995, 0.5945

USDCAD, H4: USDCAD was traded lower following prior retracement from the resistance level at 1.4120. MACD which illustrate diminishing bullish momentum suggests the pair to extend its retracement toward the support level at 1.3980.

Resistance level: 1.4120, 1.4240

Support level: 1.3980, 1.3855

USDCHF, H4: USDCHF was traded higher while currently testing the resistance level at 0.9660. MACD which illustrate bullish bias momentum suggest the pair to extend its gains after it successfully breakout above the resistance level at 0.9660.

Resistance level: 0.9660, 0.9710

Support level: 0.9585, 0.9510

CrudeOIL, H4: Crude oil price was traded higher following prior rebound from the support level at 18.05. MACD which illustrate bullish bias momentum suggest the commodity to extend its gains toward the resistance level at 21.80.

Resistance level: 21.80, 25.85

Support level: 18.05, 15.70

GOLD_, H4: Gold price was traded lower following prior retracement from the resistance level at 1711.25. MACD which illustrate diminishing bullish momentum signal suggest the commodity to be traded lower toward the support level at 1699.75.

Resistance level: 1711.25, 1718.20

Support level: 1699.75, 1683.50